Senate increase 2020 budget to 10.729 trillion naira on $57 per barrel

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ABUJA, Oct 3 – Nigeria’s legislature on Thursday increased the value of the country’s 2020 budget outline to 10.729 trillion naira ($35 billion) based on expectations of higher oil prices.

The legislature passed a medium-term expenditure framework that increased the anticipated oil price to $57 per barrel from a previous $55 per barrel. That pushed the budget up from 10.002 trillion naira.

The document is a plan Nigeria uses to prepare its annual budget. The finance minister submits the framework to the legislature, which must then approve the document. ($1 = 306.0000 naira)

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